You may have heard the buzz about the recent tax revaluation in the Lake Norman area. That’s due in large part because all four counties that border Lake Norman (Mecklenburg, Iredell, Lincoln and Catawba County) under went a revaluation in 2019.
In North Carolina, counties are required to have a revaluation every eight years and those are staggered so that all 100 counties do not have a revaluation in the same year. In 2019, 27 counties had a revaluation including all the counties around the Lake. Counties do have the option to complete a revaluation more frequently with every four years being the most common.
Mecklenburg County which includes the Lake Norman towns of Cornelius, Huntersville and Davidson got a lot of press about the increases in property values. One important fact that is often left out of the discussion is the date of the last revaluation. In Mecklenburg County, the last revaluation was in 2011. This area has experienced tremendous growth and property appreciation during the last eight years. Iredell, Lincoln and Catawba completed a revaluation in 2015. As a result, the change was not as dramatic.
When will the new tax values impact property taxes?
For each county, the tax period runs congruently with their fiscal year which is from July 1st to June 31st. Typically, the property tax is based on the value as of January 1st of the same year. However, the 2019 tax bill will be based on the value established by the revaluation regardless of when the final value was agreed upon. Once the tax rate is set by the end of June, tax bills will be issued. Tax bills are due and payable on September 1st. However, you have until early January to pay without an interest penalty. That ‘no penalty’ date for each county is as follows:
- No Penalty Date
- Mecklenburg County: January 7th More Info
- Iredell County: January 5th the following Year More Info
- Lincoln County: January 5th the following Year (January 6th this year*) More Info
- Catawba County: January 5th the following Year More Info
- *Should January 5th fall on a Saturday or Sunday, the payment period is extended to the next business day.
Did you know?
- Lincoln County gives a 2% discount if taxes are paid from July 1 through August 31.
- In Mecklenburg County, delinquent taxpayers are advertised in the Charlotte Observer in March or April.
Thinking about new construction? We often get questions about the taxes for a newly built home. Who pays the taxes, the builder or the buyer? When is the tax value established? When does the asset convert from land value to both land and home value?